5 Ways to Grow Your Business and Yourself

April 11, 2016

As the operator of an institutional store, you’re in a unique position to grow both your business and your professional self… often at the same time.  In retail, you never know what the future will bring.  Every day is a new adventure, every year is a new challenge, and fortunately, every challenge is a new opportunity.  But you have to be ready.

The Business Journals recently ran an article, Six Quick and Affordable Tips to Grow New Business.  After reading the article, you begin to understand that the success of the business and the success of the business manager are often inherently linked.  If you follow professional sports, you begin understand that when a team wins, the value of the individual players usually goes up.   In business, being associated with a winning team and a successful enterprise, often increases the value of the people who are directly responsible for the store’s success.

So, as you work hard every day to increase your bottom line and maintain the viability of your operation, don’t forget that hard work is also paying dividends for you as an individual.

Borrowing from the article in the Business Journals, let’s adapt those tips to help position both you and your business for continued success.

1. Be an Expert – Never forget that you are paid to do your job. Someone, somewhere thinks enough of you, your skills, and your expertise to pay you for what you do.  You are an expert.  With every new challenge you face and with every new problem you solve, your expertise grows.  Every lesson is a new way to increase your value as a professional.  But to be an expert you have to constantly find a way for continuous improvement.  Read trade journals, daily newspapers, business newspapers, cleverly written blogs, and anything that you can find that will keep you more informed. Reach outside of your industry to see how other successful operations work. Adapt that information into your routine.  Identify your weaknesses and then come up with strategies to either mitigate your weakness or to improve it.
2. Leverage Visibility – Take advantage of your position and your expertise to become a bigger player in your community. Write articles for local papers and write your blog (don’t forget to share your blog on your social media and email lists).  Join associations, including charitable organizations, local boosters, business associations, and neighborhood groups.  Your presence will be a constant reminder that your store is open for business.  By attending meetings and social events, you have an opportunity to meet new people, to share ideas, to gain insights, and to impress people with your expertise. Networking is good business for both you and your store.
3. Make the Most of Local Opportunities – Build relationships close to home. Take a quick trip around your neighborhood and see where the opportunities might be. Are there schools, businesses, community centers, senior centers, or even military bases that might be willing to be a partner in your success?   A 10% off coupon  is always appreciated and often brings new customers into the store.
4. Expand Your Network Through Volunteering – While your days may be full, taking time to volunteer outside your organization may be time well spent.  Serving on a not-for-profit board is a great way to meet people and to expand your resume.  Occasionally, get your staff out of the store and into the community for special events. Dress store employees in T-shirts with your store name and have them work neighboring home tours and community events (don’t forget those 10% off coupons).
5. Stay on the Cutting Edge – Every industry is constantly changing and the retail industry is no exception. You’ll be doing yourself and your store a big favor by keeping abreast of the latest trends in technology, management, and human resources.  Try to focus your training on these areas. Take advantage of classes from vendors, business associations, and online organizations.

Don’t let your walls become a fortress that keeps you secreted away from the communities you serve.  It’s all too easy to come to work every day and lose sight of the bigger picture. A successful operation, and a successful you, rely on your ability to continually expand your horizons.

Steve White is a successful writer and entrepreneur living in Denver.